At its meeting on September 21-22, 2016, the AcSB discussed the points to be included in its response letter to the IASB’s Exposure Draft, “Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11),” after considering input received from the AcSB’s IFRS Discussion Group. The AcSB decided to encourage the IASB to amend the definition of a business in a manner that results in high-quality and common global reporting between IFRSs and U.S. GAAP. In addition, AcSB members advised the AcSB Chair on points to raise at the September 2016 meeting of the Accounting Standards Advisory Forum on the IASB’s proposals to amend the guidance on business combinations. The AcSB also decided to encourage the FASB to amend its definition of a business in a manner that results in high-quality and common global reporting between IFRSs and U.S. GAAP.

Review the Executive Summary on the AcSB's Web site.

At its meeting on September 21-22, 2016, the AcSB discussed a research paper, written by its staff, exploring the decision-usefulness of financial information that reflects the economics of rate-regulated activities. The paper will be discussed at the September 2016 meetings of the International Forum of Accounting Standard Setters and the Accounting Standards Advisory Forum. The AcSB will continue its discussions and determine next steps for the paper after considering this input. No decisions were made.

Review the Executive Summary on the AcSB's Web site.

At its meeting on September 21-22, 2016, the AcSB discussed the points to be included in its response letter to the IASB’s Exposure Draft, “Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11),” after considering input received from the AcSB’s IFRS Discussion Group. In addition, AcSB members advised the AcSB Chair on points to raise at the September 2016 meeting of the Accounting Standards Advisory Forum on the IASB’s proposals to amend the guidance on business combinations.

Review the Executive Summary on the AcSB's Web site.